|
|
Advances for purchase of holding subject to a rent-charge.
50 & 51 Vict. c. 33.
|
36. Where a sale of a holding is made by a landlord to a tenant in consideration of the tenant paying a fine and engaging to pay to the vendor a rentcharge, the Land Commission may, if satisfied with the security, make an advance under the Land Purchase Acts as amended by this Act to the tenant for the purposes of such purchase of any sum not exceeding the amount of the fine payable to the landlord, subject as follows:—
|
|
| |
(a) The advance shall not exceed the saleable value of the landlord’s interest in the holding after deducting such sum as appears to the Land Commission to be the capital value of the rentcharge:
|
|
| |
(b) The advance shall not be made where the rentcharge exceeds half the rent which, in the opinion of the Land Commission, would be a fair rent for the holding:
|
|
| |
(c) An ejectment for nonpayment of rent shall not be brought in respect of the rentcharge:
|
|
| |
(d) The rentcharge shall be reserved in the vesting order, but the purchase annuity shall have priority over such rentcharge:
|
|
| |
(e) The Land Commission may, if satisfied with the security, make a further advance for the redemption of the rentcharge in like manner as for the purchase of the holding:
|
|
| |
(f) Where a holding is sold under this section the powers conferred by the Land Purchase Acts and this Act for the apportionment of charges shall extend to an apportionment of charges between the purchase money and the rentcharge, and the provisions of section fifteen of the Land Law (Ireland) Act, 1887, with respect to the acceptance by an incumbrancer of the purchase money in part discharge of his incumbrance shall apply as if the rentcharge were other lands within the meaning of those provisions.
|
